cyrpto 20m, accounts, Bitget, manipulation, sue, token, VOXEL Mark April 28, 2025 0 Comments

Bitget to sue 8 accounts over $20M VOXEL token manipulation

Bitget takes legal action against eight accounts involved in manipulating the Voxel token, which led to an unusual increase in prices and market instability.

The chief of Asia of the exchange, Jiayin Xie, revealed in a post on April 27 on X that Bitget issued eight legal letters, targeting individuals suspected of having badly obtained more than $ 20 million in the incident. XIE noted that the exchange plans to distribute 100% of all the funds recovered from the legal proceedings to users of the platform via Airdrops.

I saw a community discuss the lawyer’s letter published by BG. After checking, I would like to clarify some details with you:
1. Bitget will publish 8 letters of lawyer successively.
2. These 8 accounts are suspected of being associated with professional wool interest groups and are the main initiators of the Voxel incident, and unjustly earn more than $ 20 million.
3. Bitget will distribute 100% of the funds recovered from the users of the platform in the form of air parameters! …

– Xie Jiayin (@xiejiayinbitget) April 27, 2025

He assured the community that users who exchanged Voxel between 4:00 p.m. and 4:30 p.m. on April 20 but who had already withdrawn their funds, would not face any repercussions. These accounts have been restored and no other responsibility will be provided against them.

In addition, Xie expressed regret for any drawback caused and said that a full report would be made available shortly to give a better image of the situation.

THE incident Disclaimed on April 20 when Voxel’s price jumped more than 200% in a single period of 30 minutes, briefly exceeding Bitcoin as the most exchanged asset on Bitget in terms of daily negotiation volume. During this price increase, which extended from $ 0.125 to approximately $ 0.1645, transactions seemed to be executed without the usual order book process.

The incident was caused by an alleged bug of the Bitget market bot, which caused rapid price oscillations and instant orders, some traders who took the opportunity to make huge benefits. In response, Bitget took a break by exchanging on the Voxel / USDT contract and frozen several accounts involved in the unusual trading activity.

Bitget also announced that it would make the irregular trades go back and compensate for users who have undergone losses during the incident. Although the platform assured users that the incident was not due to an internal failure or the feat, it did not reveal the identity of the managers.

Meanwhile, comparisons have been established on a March price handling incident on hyperliquid (THRESHING) involving the jelly token. The chief executive of Bitget, Gracy Chen, critical The hyperliquid response. After the Voxel scandal, criticism called it for perceived hypocrisy.